Global Next Generation Refrigerant Market: Focus on Type (Natural Refrigerants and Hydrofluoroolefins (HFOs)), Application (Refrigeration, Air Conditioning, and Heat Pump), and Region – Analysis & Forecast, 2018-2023
The next generation refrigerant industry is in the process of constant evolution. The increase in the consumption of air conditioners, refrigeration, and heat pumps, among others, provides an immense number of opportunities for the market to prosper further. At present, the next generation refrigeration industry is on the crest of technological advancement and is expected to enlarge its application areas further.
Currently, a surge in demand for environment-friendly products can be witnessed among consumers. Fueled by a stringent regulatory environment and increasing consumer interest, more and more industries are moving toward products that have minimal impact on the environment. However, the existing conventional refrigerants, such as R32, R22, R134a, and R544, among others, have high global warming potential and ozone depletion potential. Therefore, they have an adverse environmental impact. However, the next generation refrigerants, such as Ammonia (R-717), 2,3,3,3-Tetrafluoropropene (R-1234yf), and 1,3,3,3-Tetrafluoropropene (R-1234ze), among others have minimal to zero global warming potential (GWP) and ozone depletion potential (ODP). The demand for the next generation refrigerant is propelling, owing to the increased preference for lesser environment harming production procedures.
Natural refrigerant and Hydrofluoroolefins (HFO) are the two types of next generation refrigerants owing to their zero ozone depletion potential (ODP) and global warming potential (GWP). Natural refrigerants are naturally occurring and non-synthetic substances that can be used as cooling agents in refrigerators and air-conditioners. These substances include hydrocarbons (propane, butane, and cyclopentane), CO2, ammonia, water, and air. These natural refrigerants have negligible or zero ozone depletion potential (ODP) thereby, lowering the impact on global warming. The high efficiency of natural refrigerants has a lower impact on global warming. Some of the natural refrigerants are ammonia (R-717), carbon dioxide (R-744), and hydrocarbon refrigerants such as isobutane (R-600a), propane (R-290), and others.
The global next generation refrigerant market is expected to grow at a CAGR of 8.11% and 10.52% between 2018 and 2023 in terms of value and volume, respectively.
The report is a compilation of different segments of the global next generation refrigerant market, including market breakdown by type, end user, and geographical areas. Herein, the revenue generated from the types (Natural refrigerants and hydrofluoroolefins (HFOs)), end user (refrigeration, air conditioning, and heat pumps), and geographies (North America, Europe, Asia-Pacific, Middle East and Africa, and South America) are tracked to calculate the overall market size, both in terms of value ($million) and volume (kilotons). While highlighting the key driving and restraining forces for this market, the report also provides a detailed summary of the global next generation refrigerant market. It also includes the key participants involved in the industry at the relevant sections.
Key questions answered in the report:
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